Banking Is Not a Right

Yesterday my wife and I, along with our three children (all under 5 years) went to our bank to open a new savings account for our infant. Halfway through being helped, we were interrupted by an upset pair of women who were complaining that our bank asked them to complete a W-9 form as part of their paperwork for their account. The banker who was assisting us expected to answer their question quickly and get back to helping us, but the conversation quickly went sour and went on for at least 15 minutes, during which our young children were losing some of their patience.

The woman kept saying that it was an invasion of her privacy and that other banks didn't require such a form. The banker, who did a decent job of not getting too upset in return, explained that this was part of their internal policy and that it was under compliance with the Patriot Act and that sort of thing, but the woman kept pressing on about how much she didn't like it.

So my wife and I thought, "Well, if you don't like it, just take your business elsewhere." Isn't that the beauty of capitalism (or what's left of it)? A bank doesn't "force" people to do anything. If you want to initiate a mutually agreed contract with them, then you have to abide by the agreed-upon conditions, which may include measures that seem like an invasion of privacy. And understand that this bank wants to make a profit while limiting its liabilities, as any private business would do. It's not like there are a shortage of banks to choose from in our suburban area, too.

So instead of demonizing businesses on their selfish ways that they oppress people (including insurance companies, airlines, etc.), why aren't we focusing on the root of the problem: the use of force by the government to invade our privacy, slap as many regulations on businesses as they'd like, and take as much of our money as they'd like. Doing business with someone or getting hired by an employee is not a right. It's a choice. By both parties.